What
is an income stream?
Income streams are investment products that enable you to convert a
lump sum into a series of payments. When you purchase an income stream
product, you will set an income amount to be regularly paid to you.
The lump sum will be invested on your behalf and the returns of the
investment will go towards these regular payments with any shortfall
being obtained from the capital.

You can choose between income streams that
pay a guaranteed amount for a set term, or ones that pay an agreed amount
with a varying term depending on the performance of the underlying investments.
Some income streams are treated differently
for tax purposes and some are restricted to money from an eligible termination
payment (ETP).

What is an ETP? When you leave a job, you may receive a final payment from
your employer. This payment is the 'settlement' of all outstanding monies,
both from your employer to you, and from you to your employer. This
final payment can be made up of numerous items. Some of these items
are eligible to receive concessional tax treatment and may be ‘rolled
over’ into superannuation (and other approved) funds where payment
of tax is deferred. These payments are known as Eligible Termination
Payments (ETPs). When you leave
a job you may also receive lump sum payments from the administrator
of your employer’s superannuation fund. These too can be ETPs.

Planning for Wealth:The financial plan is very important for financial success.
To achieve your wealth goals you must formulate a financial plan that
realistically reflects your objectives and financial position. The first
step in creating wealth is building Wealth Consciousness within yourself.
The main steps in planning are:
1. Discovery - understanding you and your current situation
2. Setting goals and objectives
3. Identifying any financial issues and deficiencies
4. Deciding on strategies
5. Implementing the plan
6. Review and monitor

Multiple sources of income:
A very important and fundamental key to wealth is multiple sources of
income. Build multiple sources of income for your life. Multiple sources
of income are your key to financial freedom. They are a manifestation
of your dynamic, free and multidimensional nature.

A very important and fundamental key to
wealth is multiple sources of income. Build multiple sources of income
for your life. Multiple sources of income are your key to financial
freedom. They are a manifestation of your dynamic, free and multidimensional
nature.

Income stream should be a business
and not a job. A job is something that requires you to be there for
it so that it can make money for you. A business is something that once
set up, does not need you to be there to keep going or growing.

A person with multiple streams of income from multiple businesses ends
up with free time that he or she can use to live well and to launch
more businesses if need be. Jobs never allow such liberties of free
time to diversify and be free to enjoy other aspects of life.

So, have multiple sources of income, but ensure each source is independent
of you and has been built to do well without your constant attention.
have multiple steams of income that do not need you to be present for
them to keep producing. To have multiple sources of income, simply set
goals and talk to people about that. For everything, have a person who
is of wealth consciousness and of specialization in that area to advise
and counsel you.